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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________________
FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
___________________________________

Date of Report (Date of earliest event reported): February 19, 2025
KLAVIYO, INC.
(Exact name of registrant as specified in its charter)
___________________________________

Delaware
(State or other jurisdiction of
incorporation or organization)
001-41806
(Commission File Number)
46-0989964
(IRS Employer Identification No.)
125 Summer Street, 6th Floor, Boston, MA
   02110
(Address of Principal Executive Offices)
(Zip Code)
(617) 213-1788
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol
Name of each exchange on which registered
Series A common stock, par value $0.001 per shareKVYONew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐


Item 2.02 - Results of Operations and Financial Condition
On February 19, 2025, Klaviyo, Inc. (“Klaviyo” or the “Company”) issued a press release announcing financial results for the quarter and fiscal year ended December 31, 2024. A copy of the release is furnished with this report as Exhibit 99.1.

The information in this Current Report on Form 8-K, including Exhibit 99.1 attached hereto, is intended to be furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 - Financial Statements and Exhibits
(d) The following exhibits are being filed herewith:

Exhibit No.Description
99.1
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized on this 19th day of February, 2025.



KLAVIYO, INC.
By:
/s/ Amanda Whalen
Name:
Amanda Whalen
Title:
Chief Financial Officer


Klaviyo Announces Fourth Quarter and Fiscal Year 2024 Financial Results

Fourth quarter revenue of $270.2 million, representing 34% year-over-year growth
Full year revenue of $937.5 million, representing 34% year-over-year growth

BOSTON, February 19, 2025 — Klaviyo (NYSE: KVYO), the company that powers smarter digital relationships, today announced results for its fourth quarter and fiscal year ended December 31, 2024.

“We had a very strong finish to the year, crossing a $1 billion revenue run rate as we delivered our strongest Black Friday Cyber Monday yet. Our performance in 2024 highlights the critical role our intelligent, flexible data platform plays in driving growth for our more than 167,000 customers,” said Andrew Bialecki, co-founder and CEO of Klaviyo. “Klaviyo was built for the speed and scale of the consumer world. Consumer engagement requires integrated marketing, built on an embedded data platform, powered by AI and analytics, and Klaviyo is uniquely positioned to drive this new era of consumer engagement in marketing and beyond.”

Recent Business Highlights:
●Closed new and expanded existing customer accounts, such as Ted Baker, Champion, Clarks, and DKNY, during the quarter ended December 31, 2024.
●Over 167,000 customers are using Klaviyo to drive their own revenue growth at the end of fiscal year 2024, compared to over 143,000 customers at the end of fiscal year 2023.
●Increased our penetration up-market, ending the quarter with 2,850 customers generating over $50,000 of ARR, compared to 1,958 at the end of the fourth quarter of 2023, an increase of 46% year over year.
●Continued to expand our current customer base, with NRR of 108% as of December 31, 2024.
●Ended the year with 18.2% of our customers using our SMS offering compared to 16.0% at the end of 2023.
●Expanded our partnership with Woo, making Klaviyo the preferred marketing automation vendor for WooCommerce.
●Continued execution of international expansion with combined fourth quarter EMEA and APAC revenue growth of 42% year-over-year, and opened a new office in Dublin, Ireland to support international growth.

“Klaviyo delivered another quarter of strong financial performance in Q4 to close out a great year as we continue to deliver efficient growth at scale,” said Amanda Whalen, CFO of Klaviyo. “We grew full year revenue 34%, generated $166 million in cash from operating activities and $149 million in free cash flow. As we move to 2025, our priorities remain consistent as we invest behind our growth strategy and we’re excited to expand our scope to power and improve even more of the consumer journey.”



Financial Highlights:

$ in millions (except per share amounts)
Q4 FY24
FY24
Revenue
$270.2$937.5
YoY Growth
34%34%
Gross Profit$198.4$716.2
Gross Margin
73%76%
Non-GAAP Gross Profit
$200.6$725.9
Non-GAAP Gross Margin
74%77%
Operating Loss
$(34.7)$(84.1)
Operating Margin
(13)%(9)%
Non-GAAP Operating Income
$15.1$112.5
Non-GAAP Operating Margin
6%12%
Net loss per share, basic and diluted
$(0.10)$(0.17)
Non-GAAP net income per share, basic
$0.08$0.56
Non-GAAP net income per share, diluted
$0.07$0.50
Cash from Operating Activities
$60.1$166.0
Free Cash Flow
$54.5$148.7

Financial Outlook
$ in millions
FY25-Q1 Guidance
FY25 Guidance
LowHighLowHigh
Revenue$265$269$1,156$1,164
Year-over-year Growth Rate26%28%23%24%
Non-GAAP Operating Income$25.5$28.5$130$136
Non-GAAP Operating Margin10%11%11%12%
Fully Diluted Shares Outstanding (Millions)307309

Klaviyo has not provided a reconciliation of non-GAAP operating income guidance measures to the most directly comparable GAAP measures because certain items excluded from GAAP cannot be reasonably calculated or predicted at this time. Accordingly, a reconciliation is not available without unreasonable effort. Stock-based compensation-related charges, including employer payroll tax-related items on employee stock transactions, are impacted by the timing of employee stock transactions, the future fair market value of our common stock, and our future hiring and retention needs, all of which are difficult to predict and subject to constant change.

Dilutive Securities
Klaviyo has various dilutive securities. The table below details these securities (shares in millions; rounding differences may occur):


Price as of December 31, 2024
Weighted Average Exercise PriceShares
Share price$41.24 
Common stock outstanding as of 12/31/2024
272.8 
Warrants outstanding3.8 
RSUs outstanding17.4 
Options outstanding$0.29 25.2 
ESPP outstanding0.3 
Total estimated fully diluted shares319.5 
    
We have excluded the impact of the Shopify investment option of 15,743,174 shares at $88.93 per share as it was out of the money as of December 31, 2024. The investment option expires on July 28, 2030.

Conference Call Information
In conjunction with this announcement, Klaviyo will host a conference call for investors at 4:30 p.m. ET (1:30 p.m. PT) today to discuss the results for its fourth quarter and fiscal year ended December 31, 2024 and its outlook for its first quarter ending March 31, 2025 and fiscal year ending December 31, 2025. The live webcast and a replay of the webcast will be available at the Investor Relations section of Klaviyo’s website: https://investors.klaviyo.com (live and replay).

Select Defined Terms
Customers. We define a customer as a distinct paid subscription to our platform. A single organization could have multiple discrete contracting divisions or subsidiaries or brands each with paid subscriptions to our platform, which would, in general, constitute multiple distinct customers. In some cases at the customer’s request, we allow subscriptions under the same parent organization to be consolidated into a single paid subscription in which case such consolidated paid subscriptions would constitute a single customer. We measure our total number of customers as a point-in-time calculation measured as of the end of a particular period. Customers do not include persons or entities that use our platform on a free trial basis.

Customers Generating Over $50,000 of ARR. We calculate our number of customers generating over $50,000 of ARR (as defined below) as those customers that have an average ARR of greater than $50,000 over the prior twelve months (or the entire duration of the customer’s paying relationship, if it is less than twelve months) as of the date of determination. We believe the number of customers generating over $50,000 of ARR is a key performance metric to help investors and others understand and evaluate our results of operations in the same manner as our management team, as it is an indicator of our ability to grow the number of customers that are exceeding this ARR threshold, both from our existing customers expanding their usage of our platform and from our sales to larger customers. We believe this is an important indicator of our ability to continue to successfully move up market.

Dollar-Based Net Revenue Retention Rate. We calculate our Dollar-Based Net Revenue Retention Rate (“NRR”) by first identifying the cohort of customers as of twelve months prior to the date of determination. We then calculate


the Annualized Recurring Revenue (“ARR”) from this customer cohort as of twelve months prior to the date of determination (the “Prior Period ARR”) and the ARR from this customer cohort as of the date of determination (the “Current Period ARR”). ARR, for any date of determination, is the annualized value of existing paid subscriptions, which we calculate by taking the amount of revenue that we expect to receive in the next monthly period for our existing paid subscriptions, assuming no changes to such subscriptions in the next month, as of that date of determination, and multiplying that amount by twelve. Current Period ARR includes any expansion, price increases, and customer subscriptions that are deactivated and subsequently reactivated during the applicable twelve-month period and reflects contraction or attrition over the last twelve months from this customer cohort, but excludes any ARR from new customers in the current period. We then divide the total Current Period ARR by the total Prior Period ARR to arrive at the point-in-time NRR. We then calculate the weighted average point-in-time NRR as of the last day of each month in the current trailing twelve-month period to arrive at the NRR, with the weightings determined by the total ARR at the end of each period. We believe NRR is a key performance metric to help investors and others understand and evaluate our results of operations in the same manner as our management team, as it represents the expansion in usage of our platform by our existing customers, which is an important measure of the health of our business and future growth prospects. We measure Dollar-Based Net Revenue Retention Rate to measure this growth.

About Klaviyo
Klaviyo (CLAY-vee-oh) powers smarter digital relationships, making it easy for businesses to capture, store, analyze, and predictively use their own data to drive measurable, high-value outcomes. Klaviyo’s modern and intuitive SaaS platform enables business users of any skill level to harness their first-party data from more than 350 integrations to send the right message at the right time across email, SMS, and push notifications. Innovative businesses like Mattel, TaylorMade, Liquid Death, Stanley 1913, and more than 167,000 other paying customers leverage Klaviyo to acquire, engage, and retain customers—and grow on their own terms.

Source: Klaviyo, Inc.

Contact

Investor Relations
Andrew Zilli
ir@klaviyo.com

Press
Amy Hufft
press@klaviyo.com

Forward Looking Statements
This press release includes certain “forward-looking statements” within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, as amended. Other than statements of historical facts, all


statements contained in this press release, including, but not limited to, statements about Klaviyo’s outlook for the first quarter of fiscal year 2025 ending March 31, 2025 and the full fiscal year ending December 31, 2025, and Klaviyo’s expectations regarding possible or assumed business strategies, potential growth and innovation opportunities, new products, potential market opportunities, and other similar matters, are forward-looking statements. Words such as “aim,” “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “future,” “going to,” “guidance,” “intend,” “keep,” “may,” “opportunity,” “outlook,” “plan,” “potential,” “predict,” “project,” “shall,” “should,” “strategy,” “target,” “will,” “would,” or words of similar meaning or similar references to future periods may identify these forward-looking statements, although not all forward-looking statements contain these identifying words.

Forward-looking statements reflect management’s beliefs, expectations and assumptions about future events as of the date hereof, which are inherently subject to uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of our control. These risks include, among others, the following: our ability to achieve future growth and sustain our growth rate; our ability to successfully execute our business and growth strategy, such as the success of our investment in our key growth initiatives and our ability to recognize effective areas for growth; our ability to successfully integrate with third-party platforms; our relationships with third parties, such as our marketing agency and technology partners; unfavorable conditions in our industry; our ability to attract new customers, including mid-market and enterprise customers, retain revenue from existing customers and increase sales from both new and existing customers; our ability to leverage artificial intelligence and machine learning in our products; our ability to sustain strong international growth; success of our marketing and sales strategies; costs and expenses associated with being a public company; as well as other risks and uncertainties set forth under the caption “Risk Factors” and elsewhere in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, as filed with the Securities and Exchange Commission (the “SEC”), and the other filings and reports we make with the SEC from time to time, which may be obtained on our Investor Relations website at https://investors.klaviyo.com and on the SEC website at www.sec.gov. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor(s) may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. In light of the risks, uncertainties, assumptions, and other factors, the future events and trends discussed in this press release may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. Therefore, you should not rely on any of the forward-looking statements. Any forward-looking statement made by us in this press release is based only on information currently available to us and speaks only as of the date on which it is made. Other than as required by law, we assume no obligation to update any forward-looking statements contained in this press release in the event of new information, future developments or otherwise.

Statement Regarding Use of Non-GAAP Financial Measures
In addition to financial measures prepared in accordance with generally accepted accounting principles in the United States (GAAP), this press release and the accompanying tables contain non-GAAP financial measures, including non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating expenses,


non-GAAP operating margin, non-GAAP net income, non-GAAP net income per share, basic, non-GAAP net income per share, diluted, free cash flow, and free cash flow margin. The non-GAAP financial information is presented for supplemental informational purposes only and is not intended to be considered in isolation or as a substitute for, or superior to, financial information prepared and presented in accordance with GAAP. Please see the accompanying tables for reconciliations of these non-GAAP financial measures to their nearest GAAP equivalents.

Our non-GAAP gross profit, non-GAAP operating income, non-GAAP operating expenses, and non-GAAP net income exclude significant expenses and income that are required by GAAP to be recorded in our consolidated financial statements, including, but not limited to, (i) amortization of prepaid marketing expenses, (ii) stock-based compensation and related employer payroll taxes, and (iii) restructuring expenses. Our non-GAAP gross margin is calculated as non-GAAP gross profit divided by total revenue. Our non-GAAP operating margin is calculated as non-GAAP operating income divided by total revenue. Our non-GAAP net income per share, basic is calculated as non-GAAP net income divided by weighted average shares outstanding - basic for purposes of calculating non-GAAP net income per share. Our non-GAAP net income per share, diluted is calculated as non-GAAP net income divided by weighted average shares outstanding - diluted for purposes of calculating non-GAAP net income per share. Free cash flow is defined as cash and cash equivalents provided by or used in operating activities less purchases of property and equipment and capitalization of software development costs. Free cash flow margin is a non-GAAP financial measure that is calculated as free cash flow divided by total revenue.

Stock-based compensation expense includes the net effects of capitalization and amortization of stock-based compensation expense related to capitalized software. Stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in our business and an important part of the compensation provided to our employees. Because of varying available valuation methodologies, subjective assumptions, and the variety of equity instruments that can impact a company’s non-cash expenses, we believe that providing non-GAAP financial measures that exclude stock-based compensation expense allows for meaningful comparisons between our operating results from period to period. When evaluating the performance of its business and making operating plans, Klaviyo does not consider these items (for example, when considering the impact of equity award grants, the company places a greater emphasis on the amount of overall stockholder dilution than the accounting charges associated with such grants). The amount of employer payroll tax-related items on employee stock transactions is dependent on restricted stock unit settlements, option exercises, related stock price, and other factors that are beyond Klaviyo’s control and that do not correlate to the operation of the business. The amount of employer payroll tax-related items on employee stock transactions was immaterial prior to being publicly listed. The expense related to amortization of prepaid marketing expense of warrants issued to Shopify is dependent upon estimates and assumptions; therefore, Klaviyo believes non-GAAP measures that adjust for the amortization of prepaid marketing expense provide investors a consistent basis for comparison across accounting periods. Klaviyo believes that the economic impact of the partnership is best measured in the form of stockholder dilution and as such we have provided a reconciliation that shows the full dilutive impact of all outstanding equity instruments. Overall, Klaviyo believes it is useful to exclude these expenses in order to better understand the long-term performance of its core business and to facilitate comparison of its results period-over-period and to those of peer companies. All of


these non-GAAP financial measures are important tools for financial and operational decision-making and for evaluating Klaviyo’s own operating results over different periods of time.

We believe that all these non-GAAP financial measures provide useful information about our financial performance, enhance the overall understanding of our past performance and future prospects and allow for greater transparency with respect to decision making by our management, who use these measures as important tools for financial and operational decision-making and for evaluating Klaviyo’s own operating results over different periods of time.

Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures versus their nearest GAAP equivalents. Other companies may calculate non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. Further, stock-based compensation expense has been, and will continue to be for the foreseeable future, a significant recurring expense in Klaviyo’s business and an important part of the compensation provided to attract and retain its employees to create long-term incentive alignment with stockholders.



Klaviyo, Inc.
Consolidated Balance Sheet
(In Thousands)
As of
December 31, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$881,473 $738,562 
Restricted cash375 409 
Accounts receivable, net of allowance for doubtful accounts43,095 23,076 
Deferred contract acquisition costs, current20,544 15,198 
Prepaid expenses and other current assets34,262 26,244 
Total current assets979,749 803,489 
Property and equipment, net48,200 43,450 
Right-of-use assets, net42,917 36,987 
Deferred contract acquisition costs, non-current32,527 23,177 
Restricted cash, non-current739 686 
Prepaid marketing expense153,346 173,844 
Other non-current assets15,830 7,417 
Total assets$1,273,308 $1,089,050 
Liabilities, redeemable common stock, and stockholders' equity
Current liabilities:
Accounts payable
$14,579 $13,597 
Accrued expenses
99,828 62,838 
Lease liabilities, current
20,989 14,081 
Deferred revenue
64,497 40,100 
Total current liabilities199,893 130,616 
Lease liabilities, non-current32,449 37,498 
Other non-current liabilities6,979 6,159 
Total liabilities239,321 174,273 
Stockholders' equity
Preferred stock— — 
Common stock - Series A
89 41 
Common stock - Series B
184 219 
Additional paid-in capital
1,878,899 1,713,560 
Accumulated deficit
(845,185)(799,043)
Total stockholders' equity
1,033,987 914,777 
Total liabilities, redeemable common stock, and stockholders' equity
$1,273,308 $1,089,050 




Klaviyo, Inc.
Consolidated GAAP Statement of Operations
(In Thousands, Except Share and Per Share Data)
Three Months Ended December 31,
20242023
Revenue$270,164 $201,618 
Cost of revenue71,738 45,013 
Gross profit198,426 156,605 
Operating expenses:
Selling and marketing
117,832 102,524 
Research and development
70,858 52,635 
General and administrative
44,390 37,776 
Total operating expenses233,080 192,935 
Operating loss(34,654)(36,330)
Other income (expense)
526 (126)
Interest income
9,553 9,567 
Total other income10,079 9,441 
Loss before income taxes(24,575)(26,889)
Provision for income taxes2,398 (594)
Net loss$(26,973)$(26,295)
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted$(0.10)$(0.10)
Weighted average common shares outstanding, basic and diluted270,839,378 258,899,189 



















Klaviyo, Inc.
Consolidated GAAP Statement of Operations
(In Thousands, Except Share and Per Share Data)
Year Ended December 31,
20242023
Revenue$937,464 $698,099 
Cost of revenue221,305 177,888 
Gross profit716,159 520,211 
Operating expenses:
Selling and marketing
404,209 394,369 
Research and development
238,459 262,177 
General and administrative
157,569 194,287 
Total operating expenses800,237 850,833 
Operating loss(84,078)(330,622)
Other income (expense)
816 (470)
Interest income39,582 24,051 
Total other income40,398 23,581 
Loss before income taxes(43,680)(307,041)
Provision for income taxes2,462 1,192 
Net loss$(46,142)$(308,233)
Net loss per share attributable to Series A and Series B common stockholders, basic and diluted$(0.17)$(1.27)
Weighted average common shares outstanding, basic and diluted266,336,826 242,889,272 

















Klaviyo, Inc.
Consolidated Statement of Cash Flows
(In Thousands)
Three Months Ended December 31,
20242023
Operating activities
Net loss$(26,973)$(26,295)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense4,946 3,828 
Non-cash operating lease costs3,120 3,348 
Amortization of deferred contract acquisition costs5,911 4,384 
Amortization of prepaid marketing expense13,224 13,225 
Loss on disposal of property and equipment203 6 
Bad debt expense610 156 
Stock-based compensation expense34,522 38,482 
Deferred income tax
1,117 (3,229)
Other10 10 
Changes in operating assets and liabilities:
Accounts receivable(9,242)(5,852)
Deferred contract acquisition costs(9,949)(7,911)
Prepaid expenses, prepaid taxes, and other assets(3,275)3,104 
Accounts payable2,182 4,116 
Accrued expenses36,851 7,998 
Deferred revenue11,565 7,234 
Operating lease liabilities(4,917)(3,715)
Other non-current liabilities184 (245)
Net cash provided by operating activities60,089 38,644 
Investing activities
Acquisition of property and equipment(2,346)(2,830)
Capitalization of software development costs(3,282)(1,093)
Net cash used in investing activities(5,628)(3,923)
Financing activities
Proceeds from exercise of common stock awards3,497 182 
Cash paid for finance leases(3)(5)
Proceeds from exercise of warrants4 5 
Payment of offering costs
— (933)
Employee taxes paid related to net share settlement of stock-based awards(4,401)(18,762)
Proceeds from employee stock purchase plan
1,131 — 
Net cash provided by (used in) financing activities
228 (19,513)
Net increase in cash, cash equivalents, and restricted cash54,689 15,208
Cash, cash equivalents, and restricted cash, beginning of period827,898 724,449 
Cash, cash equivalents, and restricted cash, end of period$882,587 $739,657 



Klaviyo, Inc.
Consolidated Statement of Cash Flows
(In Thousands)
Year Ended December 31,
20242023
Operating activities
Net loss$(46,142)$(308,233)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization expense17,717 13,651 
Non-cash operating lease costs12,682 12,997 
Amortization of deferred contract acquisition costs19,752 15,764 
Amortization of prepaid marketing expense52,897 52,897 
Loss on disposal of property and equipment235 6 
Bad debt expense741 524 
Stock-based compensation expense135,212 340,799 
Deferred income tax
559 (3,229)
Other10 118 
Changes in operating assets and liabilities:
Accounts receivable(20,761)(12,877)
Deferred contract acquisition costs(34,448)(26,941)
Prepaid expenses, prepaid taxes, and other assets(17,296)(2,375)
Accounts payable113 4,505 
Accrued expenses36,169 26,666 
Deferred revenue24,397 14,991 
Operating lease liabilities(16,722)(15,197)
Other non-current liabilities840 5,305 
Net cash provided by operating activities
165,955 119,371 
Investing activities
Acquisition of property and equipment(5,921)(3,653)
Capitalization of software development costs(11,305)(5,705)
Net cash used in investing activities(17,226)(9,358)
Financing activities
Proceeds from exercise of common stock options9,741 4,216 
Cash paid for finance leases(19)(21)
Proceeds from exercise of warrants14 62 
Proceeds from issuance of common stock in initial public offering, net of issuance costs— 320,096 
Employee taxes paid related to net share settlement of stock-based awards(23,665)(81,625)
Proceeds from employee stock purchase plan8,130 — 
Net cash (used in) provided by financing activities
(5,799)242,728 
Net increase in cash, cash equivalents, and restricted cash
142,930 352,741 
Cash, cash equivalents, and restricted cash, beginning of year739,657 386,916 
Cash, cash equivalents, and restricted cash, end of year$882,587 $739,657 



Klaviyo, Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(In Thousands)
Three Months Ended December 31,
20242023
Gross profit$198,426 $156,605 
Stock-based compensation
1,885 3,028 
Employer payroll tax on employee stock transactions
261 135 
Non-GAAP gross profit$200,572 $159,768 
Gross margin73.4 %77.7 %
Non-GAAP gross margin74.2 %79.2 %
Klaviyo, Inc.
Reconciliation of Operating Loss to Non-GAAP Operating Income
(In Thousands)
Three Months Ended December 31,
20242023
Operating loss$(34,654)$(36,330)
Stock-based compensation
34,522 38,482 
Employer payroll tax on employee stock transactions
2,054 822 
Amortization of prepaid marketing
13,224 13,225 
Non-GAAP operating income$15,146 $16,199 
Operating margin(12.8)%(18.0)%
Non-GAAP operating margin5.6 %8.0 %




Klaviyo, Inc.
Reconciliation of Net Loss to Non-GAAP Net Income
(In Thousands, Except Share and Per Share Data)
Three Months Ended December 31,
20242023
Net loss$(26,973)$(26,295)
Stock-based compensation
34,52238,482
Employer payroll tax on employee stock transactions
2,054822
Amortization of prepaid marketing
13,22413,225
Non-GAAP net income$22,827$26,234
Non-GAAP net income per share attributable to Series A and Series B common stockholders:
Basic$0.08$0.10
Diluted$0.07$0.09
Shares used in non-GAAP per share calculations:
Basic270,839,378258,899,189
Diluted304,521,874296,187,784




Klaviyo, Inc.
Reconciliation of Operating Expenses to Non-GAAP Expenses
(In Thousands)
Three Months Ended December 31,
20242023
Selling and marketing$117,832$102,524
Stock-based compensation
(10,929)(11,813)
Employer payroll tax on employee stock transactions
(705)(232)
Amortization of prepaid marketing
(13,224)(13,225)
Non-GAAP Selling and marketing$92,974$77,254
Research and development$70,858$52,635
Stock-based compensation
(13,014)(14,542)
Employer payroll tax on employee stock transactions
(923)(277)
Non-GAAP Research and development$56,921$37,816
General and administrative$44,390$37,776
Stock-based compensation
(8,694)(9,099)
Employer payroll tax on employee stock transactions
(165)(178)
Non-GAAP General and administrative$35,531$28,499
Total operating expenses$233,080$192,935
Stock-based compensation
(32,637)(35,454)
Employer payroll tax on employee stock transactions
(1,793)(687)
Amortization of prepaid marketing
(13,224)(13,225)
Non-GAAP Total operating expenses$185,426$143,569


Klaviyo, Inc.
Reconciliation of Operating Cash Flow to Free Cash Flow
(In Thousands)
Three Months Ended December 31,
20242023
Cash Provided by operating activities$60,089 $38,644 
Acquisition of property and equipment(2,346)(2,830)
Capitalization of software development costs(3,282)(1,093)
Free cash flow$54,461 $34,721 
Operating cash flow margin22.2 %19.2 %
Free cash flow margin20.2 %17.2 %


Klaviyo, Inc.
Reconciliation of Gross Profit to Non-GAAP Gross Profit
(In Thousands)
Year Ended December 31,
20242023
Gross profit$716,159$520,211
Stock-based compensation
8,91724,973
Employer payroll tax on employee stock transactions
8631,586
Restructuring expense
—1,156
Non-GAAP gross profit$725,939$547,926
Gross margin76.4 %74.5 %
Non-GAAP gross margin77.4 %78.5 %

Klaviyo, Inc.
Reconciliation of Operating Loss to Non-GAAP Operating Income
(In Thousands)
Year Ended December 31,
20242023
Operating loss$(84,078)$(330,622)
Stock-based compensation
135,212340,799
Employer payroll tax on employee stock transactions
8,4917,660
Amortization of prepaid marketing
52,89752,897
Restructuring expense
—7,366
Non-GAAP operating income
$112,522$78,100
Operating margin(9.0)%(47.4)%
Non-GAAP operating margin12.0 %11.2 %


Klaviyo, Inc.
Reconciliation of Net Loss to Non-GAAP Net Income
(In Thousands, Except Share and Per Share Data)
Year Ended December 31,
20242023
Net loss
$(46,142)$(308,233)
Stock-based compensation
135,212340,799
Employer payroll tax on employee stock transactions
8,4917,660
Amortization of prepaid marketing
52,89752,897
Restructuring expense—7,366
Non-GAAP net income$150,458$100,489
Non-GAAP net income per share attributable to Series A and Series B common stockholders:
Basic
$0.56$0.41
Diluted
$0.50$0.36
Shares used in non-GAAP per share calculations
Basic
266,336,826242,889,272
Diluted
299,068,507277,467,933






























Klaviyo, Inc.
Reconciliation of Operating Expenses to Non-GAAP Expenses
(In Thousands)
Year Ended December 31,
20242023
Selling and marketing$404,209$394,369
Stock-based compensation
(40,907)(107,954)
Employer payroll tax on employee stock transactions
(2,551)(2,747)
Restructuring expense
—(1,802)
Amortization of prepaid marketing
(52,897)(52,897)
Non-GAAP Selling and marketing$307,854$228,969
Research and development$238,459$262,177
Stock-based compensation
(50,693)(120,184)
Employer payroll tax on employee stock transactions
(3,566)(1,952)
Restructuring expense
—(3,300)
Non-GAAP Research and development$184,200 $136,741 
General and administrative$157,569$194,287
Stock-based compensation
(34,695)(87,688)
Employer payroll tax on employee stock transactions
(1,511)(1,375)
Restructuring expense
—(1,108)
Non-GAAP General and administrative$121,363$104,116
Total operating expenses$800,237$850,833
Stock-based compensation
(126,295)(315,826)
Employer payroll tax on employee stock transactions
(7,628)(6,074)
Restructuring expense
—(6,210)
Amortization of prepaid marketing
(52,897)(52,897)
Non-GAAP Total operating expenses$613,417$469,826

Klaviyo, Inc.
Reconciliation of Operating Cash Flow to Free Cash Flow
(In Thousands)
Year Ended December 31,
20242023
Cash provided by operating activities
$165,955 $119,371 
Acquisition of property and equipment(5,921)(3,653)
Capitalization of software development costs(11,305)(5,705)
Free cash flow$148,729 $110,013 
Operating cash flow margin17.7 %17.1 %
Free cash flow margin15.9 %15.8 %

v3.25.0.1
Cover
Feb. 19, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 19, 2025
Entity Registrant Name KLAVIYO, INC.
Entity Incorporation, State or Country Code DE
Entity File Number 001-41806
Entity Tax Identification Number 46-0989964
Entity Address, Address Line One 125 Summer Street
Entity Address, Address Line Two 6th Floor
Entity Address, City or Town Boston
Entity Address, State or Province MA
Entity Address, Postal Zip Code 02110
City Area Code 617
Local Phone Number 213-1788
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Series A common stock, par value $0.001 per share
Trading Symbol KVYO
Security Exchange Name NYSE
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001835830
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